According to the latest publication from Meticulous Research®, the soil monitoring market is projected to reach $1.1 billion by 2030, at a CAGR of 10.3% from 2023 to 2030. The market growth is driven by the rising need to preserve soil quality, the growing demand to improve farm productivity, and the increasing adoption of advanced farming techniques. However, the market faces challenges such as difficulties in monitoring due to the spatial variability of soil and a lack of awareness and technical skills regarding soil monitoring.
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Key Drivers and Challenges:
Drivers:
- Preservation of Soil Quality: An increasing emphasis on soil quality preservation is propelling market growth.
- Farm Productivity: There's a growing demand to enhance farm productivity through effective soil monitoring.
- Advanced Farm Techniques: Adoption of advanced techniques in agriculture is boosting the soil monitoring market.
Challenges:
- Spatial Variability: Monitoring soil quality is complicated by spatial variability.
- Lack of Awareness: A significant challenge is the lack of awareness and technical skills in soil monitoring.
Opportunities:
- Advanced Technologies: Integration of advanced technologies for smart agriculture.
- Emerging Markets: Rising adoption of soil monitoring in emerging countries.
- Government Investments: Increased government investment in agriculture practices.
Market Trends:
- Drone-based Monitoring: Increasing adoption of drones for soil monitoring.
- Soil Robotics: Growing interest in soil robotics to enhance monitoring efficiency.
Market Segmentation: The soil monitoring market is segmented by offering, system type, and sector:
By Offering:
- Hardware: Expected to hold the largest share in 2023, driven by the penetration of soil sensors, scanners, and weather stations.
- Software Services: Services segment to register the highest CAGR, bolstered by IoT integration and technological advancements in farming.
By System Type:
- Ground-based Monitoring: Dominating in 2023, with high adoption of soil monitoring sensors and devices.
- Sensing Imagery: Predicted to grow at the highest CAGR, driven by drone and satellite-based monitoring technologies.
By Sector:
- Agriculture: Expected to hold the largest share and highest growth rate, due to increased farm productivity demands and advanced farming techniques.
- Non-Agriculture: Also a significant sector, with various applications beyond traditional farming.
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Regional Insights:
- North America: Expected to account for the largest market share in 2023, attributed to the presence of prominent market players and advanced soil monitoring solutions.
- Asia-Pacific: Projected to grow at the fastest rate, driven by increasing farmer awareness, soil quality improvement needs, and adoption in emerging countries like India, Japan, and South Korea.
Key Market Players:
The key players operating in the soil monitoring market are Stevens Water Monitoring Systems Inc. (U.S.), SGS SA (Switzerland), METER Group, Inc. (U.S.), Element Materials Technology (U.K.), The Toro Company (U.S.), Campbell Scientific, Inc. (U.S.), Sentek Pty Ltd (Australia), Spectrum Technologies, Inc. (U.S.), Irrometer Company, Inc. (U.S.), CropX Inc. (U.S.), Acclima, Inc. (U.S.), HydroPoint Data Systems, Inc. (U.S.), Delta-T Devices Ltd (U.K.), Manx Technology Group Limited (Isle of Man), and Soil Scout Oy (Finland).
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